You’ve probably heard about Meta, Amazon, Twitter, and others reducing staff in anticipation of a recession.
But that doesn’t mean you need to do the same. People still spend money during recessions—they just reprioritize their spending.
This is how to recession-proof your marketing spend:
- Sixty-seven percent of U.S. consumers said they are looking for deals and promotions now more than usual. Offer discounts or position your product or service as the budget option.
- Consumers are doing more research and price comparisons before they buy. Provide information that shows why your product or service is a wiser financial choice than your competition.
- Conditions are worse in Europe right now than the U.S., so if you’re spending internationally, consider shifting budget from European markets to American ones.
- Some consumers are buying fewer nonessentials—especially when it comes to clothing, beer, and live events—to compensate for higher spending on essentials. If your product or service is thought of as a nonessential good, it may be wise to position it as a necessity.
- Know your customers’ archetypes and respond accordingly.
- Take advantage of this time to increase your market share while competitors may be divesting from marketing spend.
- According to WARC, “64% of successful premium brand campaigns support new product launches in a recession.” Innovation is essential.
- Check out this free webinar by #paid that analyzes how to use creators to recession-proof your marketing. In numerous studies over the past century, according to #paid, “brands that maintained or increased their marketing during a recession fared better than those that didn’t.”
black adam to net $52-72 million
People are dunking on Dwayne “The Rock” Johnson’s new DC movie Black Adam, and there has been widespread misinformation that it’s set to lose $50-$100 million.
But according to Deadline, the film is actually projected to profit between $52-$72 million, largely due to investing heavily in digital marketing to get the best bang for their buck.
We contributed product shots to the Black Adam x Under Armour promotional collaboration. The Rock shared the video on Instagram to his 351 million followers.
The San Francisco Chronicle called the film “possibly the worst movie ever,” but people went to see it anyway. Marketing is powerful.
The film is set to drop on HBO Max next Friday, a week from today.
- Sixty-three percent of advertisers say TikTok and short-form videos will be the biggest ad trend of 2023, according to Mediaocean’s 2022 Marketing Report and 2023 Outlook.
- Instagram finally has a native content scheduling tool. This is how to use it.
- LinkedIn announced new privacy-first B2B ad targeting using its owned data.
- Search Engine Land released a list of specific tips to help you rank better on Google. Spoiler alert: it boils down to demonstrating your expertise, authoritativeness, and trustworthiness.
That’s all for this week‘s Marketing Roundup. Check back next week for more news. And subscribe to our newsletter below for additional updates.